You are absolutely spot on. I know it's not Larrys style - but last time I checked it was the shareholders who owned the business - and although he has a great bod and non-exec and is working hard in the background the follow through PR is not happening. It's not the PR people - I an sure they want to do PR! It's the policy of the company that is constraining things. Bonkers and does not help PI's at all.
Is where Chariot let's itself down where is the back up PR to go with the farm out RNS ? Pretty soon it will be ii shut down, the same mistake repeated, we will soon have more banked that at any other time in the last 2 years, brokers crawling over themselves to talk this up but silence from the board
In one of the hottest regions for oilers to buy into ? we need more II's on board who buy above the threshold 3%....and a Tier2 farm-out. Until then it's snooze time ...and mood swings from the de-rampers which is always great for positive sentiment don't you think?
Northlands Capital issue a buy recommendation this morning, Canaccord issued the below yesterday.
The Moroccan 3D seismic was shot to try and determine the distribution of favourable porosity in the carbonate target and Chariot aims to have completed this process by late 1Q '15, potentially enabling drilling to commence by year-end '15.
Woodside is showing a vote of confidence in the project by farming in before the full technical picture has emerged, which could be indicative of a degree of competitive tension in the process. Chariot’s track record of securing farmouts is sustained.
The optional well carry is up to an agreed cap, which is in excess of the likely budgeted well cost of ~US$75m (dry hole cost, logging/testing would be extra).
Drilling activity offshore Morocco does remain contingent upon Woodside exercising its option, or Chariot securing another farmout, but this deal provides a welcome working capital injection for Chariot and provides a solid partner which could carry Chariot through drilling. From 2D seismic the JP-1 prospect has been identified on the Rabat Deep Offshore licence with prospective resources of 618mmbbls.
And the good news - as posted earlier - is SHELL Murphy OMV and Impact oil all have recently bought acreage around 2714B ... and the market price our acreage at zero but the majors and super majors valued the acreage they farmed into much higher .. There are plenty of positives ..
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